The QFC Regulatory Authority (the “Regulatory Authority”) is aware of a recent statement published by First Abu Dhabi Bank PJSC (“FAB”) regarding its operations in and from the Qatar Financial Centre (“QFC”).

FAB is currently authorised by the Regulatory Authority to carry on limited banking and other regulated financial services activities as a registered Branch (No. 00098). On 14 March 2019 and 9 June 2019, the Regulatory Authority issued Supervisory Notices to FAB that restrict the activities of FAB’s QFC Branch. These actions were taken by the Regulatory Authority due to fitness and probity concerns and the failure by FAB to comply with orders issued by the QFC Civil and Commercial Court (the “Court”).

The Court orders require FAB to produce information required by the Regulatory Authority as part of its investigation into suspected manipulation by FAB of the Qatari Riyal. The Court orders also require FAB to provide an affidavit confirming that FAB has preserved documents relevant to the investigation. FAB has not complied with the Court orders. The objectives of the Regulatory Authority include the promotion and maintenance of transparency, integrity and confidence in the QFC.

An authorised firm seeking to withdraw from the QFC must do so in accordance with the applicable legal and regulatory requirements for withdrawal to ensure an orderly process that protects the interests of customers and users of the QFC. FAB’s status as a QFC authorised firm will continue, and the restrictions on its business in the QFC will remain in place, until the Regulatory Authority receives and approves an application made by FAB to withdraw its authorisation. Until such time, FAB will, as an authorised firm, be expected to, and will be required to, comply with its legal and regulatory obligations.